Annual Financial Statement Overview

Rhea-AI Summary

New America Energy Corp. (OTC PINK:NECA) has released its Annual Report for the fiscal year ending August 31, 2022. The report shows a significant growth in key financial metrics:

• Gross Profit rose by 85%, from $4 million to over $7.3 million.
• Sales increased by approximately 35%, from $14.8 million to around $19.9 million.
• Current Assets grew by 74%, from $5 million to approximately $8.7 million.

CEO David Fair expressed optimism about future growth, driven by both internal initiatives and recent acquisitions, including Davis Kitchens.

Positive

• Gross Profit increased by 85%, reaching over $7.3 million.
• Sales grew by approximately 35%, totaling around $19.9 million.
• Current Assets increased by 74%, amounting to approximately $8.7 million.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / January 24, 2023 / New America Energy Corp. (OTC PINK:NECA), and its operating subsidiary, Third Bench Holdings, LLC ("Third Bench" or the "Company"), are pleased to report that the Company has posted its Annual Report for the fiscal year ending August 31, 2022, with OTC Markets.

The Company's Gross Profit increased from just under $4.0 million for the 2021 fiscal year to just over $7.3 million for the 2022 fiscal year. This represents an increase of approximately 85%.

Sales for the 2022 fiscal year increased from approximately $14.8 million to approximately $19.9 million. This represents an increase of approximately 35%.

The Company's Current Assets on August 31, 2022, were approximately $8.7 million, vs. approximately $5.0 million on August 31, 2021. This represents an increase of approximately 74%.

"We are very encouraged by our growth in 2022. The growth consisted of internal growth as well as acquisitions, including the acquisition of Davis Kitchens in Albuquerque. As we work to integrate our operating subsidiaries more synergistically, we expect to see increased growth and profitability," stated David Fair, the Company's CEO.

Mr. Fair continued, "We feel like we have a great foundation in place to build on, and we are looking forward to dramatically growing our businesses in fiscal 2023."

About Third Bench Holdings, LLC

Third Bench, a subsidiary of New America Energy Corp., operates five subsidiary companies operating as architectural millwork and dealers in the cabinetry, kitchen, and bath areas. Third Bench, through its subsidiary companies, offers products in these categories: residential and commercial cabinets throughout the Western U.S. for customers. Third Bench also provides installation services as a part of its vertical offering.

Third Bench Holdings, LLC
175 S. Main Street #1410
Salt Lake City, UT 84111
https://thirdbench.com/

NECA Contact:
Investor Relations
info@thirdbench.com
https:/twitter.com/necaholdings

Safe Harbor

This release may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of our company, are generally identified by use of words "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "seek," "strive," "try," or future or conditional verbs such as "could," "may," "should," "will," "would," or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results. Some of the factors that could cause our actual results to differ from our expectations or beliefs include, without limitation, the risks discussed from time to time in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Except as required by applicable law or regulation, we undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

SOURCE: New America Energy Corp.

View source version on accesswire.com:
https://www.accesswire.com/736454/Annual-Financial-Statement-Overview

FAQ

What were New America Energy Corp.'s sales figures for 2022?

New America Energy Corp.'s sales for the fiscal year 2022 were approximately $19.9 million, an increase of about 35% from the previous year.

How much did New America Energy Corp.'s gross profit increase in 2022?

The gross profit for New America Energy Corp. increased by 85% in 2022, reaching just over $7.3 million.

What are the current assets of New America Energy Corp. as of August 31, 2022?

As of August 31, 2022, New America Energy Corp.'s current assets were approximately $8.7 million, a 74% increase from the previous year.

What acquisition did New America Energy Corp. make in 2022?

In 2022, New America Energy Corp. acquired Davis Kitchens in Albuquerque as part of its growth strategy.

What does the future look like for New America Energy Corp. according to the CEO?

CEO David Fair expressed optimism about future growth, expecting to see increased growth and profitability as they integrate their subsidiaries.